Allahabad Bank said in a regulatory filing on Wednesday that Rakesh Sethi has become its new chairman and managing director.

"Allahabad Bank has informed BSE that the Government of India...have appointed Rakesh Sethi as chairman and managing director of the bank with effect from the date of his taking over the charge," the filing said.

Mr Sethi will hold the position up to April 30, 2017 - the date of his superannuation or until further order, whichever is earlier, it said.

His taking over as the CMD of the bank comes to effect from Wednesday, it added.

Shares in Allahabad Bank, on Wednesday, ended at Rs 82 apiece on the BSE, down 1.68 per cent from the previous close.